Unique Psychology Of New Bitcoin Adopters

March 23, 2018

Anyone who has been paying attention to the news will know that the cryptocurrency craze has taken over, and is still holding some steam. And for most, cryptocurrency was completely unheard of until the craze hit. This, however, has not stopped many from leaping at the perceived opportunity, and buying into cryptocurrency, such as Bitcoin.

The most interesting aspect of this is that many buying Bitcoin are not only uneducated about the value of the virtual currency, but also in how such virtual currency even has a value. The buyers are simply leaping into an unknown market, swept up in the hype and excitement. It’s a strange situation, apparently inspiring many to take leave of their logical senses, and attempt to trade in a market they know little about.

How does such a situation occur? And what is the psychology of these new adopters? In a way it seems like they are similar to new gamblers who take a seat at the table without knowing even the most basic Blackjack strategy, but know that they can win big if they have the winning hand.

Get Rich Quick

Most educated people are highly cautious of so called get rich quick schemes. Any such instance, in which it is claimed that a person will get rich quick, simply by making an upfront investment, is viewed with enormous suspicion. And rightly so, given that get rich quick schemes are often vastly exaggerated, or even straight up scams.

So what was it about Bitcoin that seemed to draw so many new investors in, in such a short period of time?

The most obvious answer is that the sudden enormous value increase in Bitcoin that hit news headlines across the world, lending the situation credibility. There was barely a news outlet that was not talking about, or at least mentioning the Bitcoin craze. When news outlets mention what appears to be a genuine get rich quick scheme, it seems that many are still relatively easily convinced.

Most, it seems, were willing to take a risk, for what seemed to be a reasonable chance of making an enormous sum of money, with very little effort. Similar psychology exists in those who enter casinos for the first time.

First Time Casino Goer Psychology

Casino games are indeed a way in which to make extra money, potentially a reasonable sum, given the risk versus reward options chosen. But casino games are hardly get rich quick schemes. The games are instead most wisely played with a strategy in mind. But, for a person unaware of this, the games can seem like a ticket to potentially getting rich very quickly.

This perceived situation can be very tempting, specifically to those who are uneducated about how casino games work, and the odds involved. The promise of easy money all but overwhelms all other logic, and the person is quickly swept up in excitement. The Bitcoin craze seems to have created a very similar situation, with persons uneducated in how finances even work being swept up, and investing large sums of money.

Cryptocurrency Craze Shifts

The cryptocurrency craze is already changing in some ways, with the enormous leaps in value beginning to abate. Those that have already invested are perhaps regretting their decision somewhat; depending on at which value they bought in, while others may be celebrating. Chances are some unlucky individuals are realising that they are set to make a significant loss on their investment, as many cryptocurrencies have dipped in value dramatically. However, that being said, Bitcoin and Ethereum are both doing well, as are some of the lesser known options, so their future may well be solidified – for now anyway.

Casino games, on the other hand, are not about to pass from popularity any time soon. If anything online casinos are only gaining in popularity. Of course, casino games are also not so much about buying into a passing craze, and instead can be very generous to those who know how to play them.